Movado Group, Inc. Announces Record Fourth Quarter and Fiscal Year 2022 Results
~ Fiscal 2022 Net Sales of
~ Fiscal 2022 EPS of
~ Fourth Quarter
~ Fourth Quarter EPS of
~ Board Approves 40% Increase in Quarterly Dividend to
Fiscal Year 2022 Highlights (See attached table for GAAP and Non-GAAP measures)
- Delivered topline growth of 44.6% or 42.8% on a constant dollar basis year over year;
- Drove gross margin expansion of 380 bps from prior year period to 57.2% from 53.4%. Adjusted gross margin was 53.6% of sales in fiscal 2021;
-
Generated operating income of
$117.5 million as compared to a loss of$142.1 million in the prior year period. Adjusted operating income was$119.7 million as compared to adjusted operating income of$30.7 million in fiscal 2021; -
Achieved diluted earnings per share of
$3.87 as compared to a loss of$4.80 in the prior year period. Adjusted diluted earnings per share was$3.94 as compared to$0.92 in fiscal 2021; and -
Ended the year with cash of
$277.1 million .
Fiscal Fourth Quarter Highlights (See attached table for GAAP and Non-GAAP measures)
- Delivered topline growth of 15.5% or 17.2% on a constant dollar basis year over year;
- Drove gross margin expansion of 220 bps from prior year period to 58.7% from 56.5%. Adjusted gross margin was 54.9% of sales in fourth quarter of fiscal 2021;
-
Generated operating income of
$38.2 million as compared to$25.9 million in the prior year period. Adjusted operating income was$37.9 million as compared to adjusted operating income of$23.9 million in the fourth quarter of fiscal 2021; and -
Achieved diluted earnings per share of
$1.33 as compared to$1.29 in the prior year period. Adjusted diluted earnings per share was$1.32 as compared to$0.84 in the fourth quarter of fiscal 2021.
Non-GAAP Items (See attached table for GAAP and Non-GAAP measures)
Fourth quarter fiscal 2022 results of operations included the following charges and benefits:
-
$0.7 million pre-tax charge, or$0.6 million after tax, representing$0.03 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition ofOlivia Burton ; -
$0.1 million pre-tax charge, or$0.1 million after tax, representing$0.00 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT; and -
$1.1 million pre-tax benefit, or$0.8 million after tax, representing$0.04 per diluted share, due to a change in estimate related to corporate initiative charges recorded primarily in response to the COVID-19 pandemic.
Fourth quarter fiscal 2021 results of operations included the following charges and benefits:
-
$0.7 million pre-tax charge, or$0.6 million after tax, representing$0.02 per diluted share, associated with the amortization of acquired intangible assets related to the acquisition ofOlivia Burton ; -
$0.1 million pre-tax charge, or$0.1 million after tax, representing$0.00 per diluted share, associated with the amortization of acquired intangible assets and deferred compensation related to the acquisition of MVMT; -
$2.8 million pre-tax benefit, or$1.9 million after tax, representing$0.08 per diluted share, due to change in estimate related to corporate initiative charges recorded primarily in response to the COVID-19 pandemic; and -
$9.2 million income tax benefit, representing$0.39 per diluted share, resulting from the available carryback of NOLs permitted under the CARES Act.
Fourth Quarter Fiscal 2022 Results (See attached table for GAAP and Non-GAAP measures)
-
Net sales increased 15.5% (17.2% on a constant dollar basis) to
$206.0 million compared to$178.3 million in the fourth quarter of fiscal 2021. The increase in net sales reflected growth in wholesale customers’ brick and mortar stores, in online retail (both in the Company’s owned and wholesale customers’ websites) and in Movado Company Stores.U.S. net sales increased 18.5% as compared to the fourth quarter of last year (and increased 12.3% as compared to pre-pandemic fourth quarter of fiscal 2020). International net sales increased 12.7% as compared to the fourth quarter of last year (and increased 3.8% as compared to pre-pandemic fourth quarter of fiscal 2020). -
Gross profit was
$120.8 million , or 58.7% of net sales, compared to$100.8 million , or 56.5% of net sales in the fourth quarter of fiscal 2021. None of the items mentioned above in the Non-GAAP Items section impacted gross profit for the fourth quarter of fiscal 2022. Adjusted gross profit for the fourth quarter of fiscal 2021, which excludes a$2.8 million change in estimate associated with corporate initiative charges recorded primarily in response to the COVID-19 pandemic, was$98.0 million , or 54.9% of net sales. The increase in adjusted gross margin percentage was primarily the result of favorable changes in channel and product mix and an increase in leverage of certain fixed costs as a result of higher sales, partially offset by increased shipping costs. -
Operating expenses increased to
$82.6 million in the fourth quarter of fiscal 2022 from$74.9 million in the fourth quarter of fiscal 2021. Excluding the operating expense charges mentioned above in the Non-GAAP Items section, operating expenses were$82.9 million compared to$74.1 million in the prior year period. This increase was primarily due to higher marketing expenses and an increase in certain operating expenses to support the increase in net sales. Excluding the operating expense charges mentioned above in the Non-GAAP Items section, as a percent of sales, operating expenses decreased to 40.3% of sales from 41.6% in the prior year period primarily due to improved sales leverage. -
Operating income was
$38.2 million compared to$25.9 million in the fourth quarter of fiscal 2021. Adjusted operating income, which excludes the items listed above in the Non-GAAP Items section, was$37.9 million for the fourth quarter of fiscal 2022 and$23.9 million for the prior year period. -
The Company recorded a tax provision of
$6.6 million , as compared to a tax benefit of$4.8 million in the fourth quarter of fiscal 2021. Based upon adjusted pre-tax income, the adjusted tax provision was$6.5 million , or an adjusted tax rate of 17.1%, as compared to an adjusted tax provision of$3.7 million , or an adjusted tax rate of 15.6%, in the fourth quarter of fiscal 2021. -
Net income for the fourth quarter of fiscal 2022 was
$31.4 million , or$1.33 per diluted share, compared to net income of$30.3 million , or$1.29 per diluted share, in the fourth quarter of fiscal 2021. Adjusted net income for the fiscal 2022 period was$31.2 million , or$1.32 per diluted share, compared to adjusted net income of$19.7 million , or$0.84 per diluted share, for the fourth quarter of fiscal 2021, both of which exclude the fourth quarter items listed above in the Non-GAAP Items section after the associated tax effects for their respective periods.
Full Year Fiscal 2022 Results (See attached table for GAAP and Non-GAAP measures)
-
Net sales increased 44.6% (42.8% on a constant dollar basis) to
$732.4 million compared to net sales of$506.4 million in fiscal 2021. The increase in net sales reflected growth in wholesale customers’ brick and mortar stores and in Movado Company Stores due to the partial recovery from the COVID-19 pandemic and in online retail (both in the Company’s owned and wholesale customers’ websites).U.S. net sales increased 61.1% compared to last year (and increased 14.4% compared to pre-pandemic fiscal 2020). International net sales increased 32.5% as compared to last year (and decreased 3.1% as compared to pre-pandemic fiscal 2020). -
Gross profit was
$419.1 million , or 57.2% of net sales, compared to gross profit of$270.5 million , or 53.4% of net sales, in fiscal 2021. None of the items mentioned in the Non-GAAP Items section above or in the equivalent sections of prior earnings releases issued by the Company for fiscal 2022 impacted gross profit for the year. Adjusted gross profit for fiscal 2021 was$271.2 million , or 53.6% of net sales, which excludes$0.7 million in corporate initiative charges related to the impact on the business of the COVID-19 pandemic. The year over year increase in adjusted gross margin percentage was primarily the result of favorable changes in channel and product mix, leveraging certain fixed costs as a result of higher sales and favorable foreign currency exchange rates. -
Operating expenses were
$301.6 million in fiscal 2022 compared to$412.6 million in fiscal 2021. For fiscal 2022, adjusted operating expenses were$299.4 million , which excludes$2.9 million of expenses associated with the amortization of acquired intangible assets related toOlivia Burton ,$0.4 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition and a$1.1 million benefit due to change in estimate related to corporate initiative charges recorded primarily in response to the COVID-19 pandemic. For fiscal 2021, adjusted operating expenses were$240.5 million , which excludes$155.9 million in adjustments related to the impairment of goodwill and certain intangible assets,$11.9 million in corporate initiative charges related to the impact to the business from the COVID-19 pandemic,$2.7 million of expenses associated with the amortization of acquired intangible assets related toOlivia Burton and$1.6 million in adjustments associated with the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition. The increase in adjusted operating expenses was primarily due to higher marketing expenses and performance-based compensation and an increase in certain operating expenses to support the increase in net sales. -
Operating income was
$117.5 million in fiscal 2022 as compared to operating loss of$142.1 million in fiscal 2021. Adjusted operating income for fiscal 2022 was$119.7 million compared to adjusted operating income for fiscal 2021 of$30.7 million , both of which exclude the net charges listed in the preceding bullets for their respective periods. -
The tax provision was
$24.8 million in fiscal 2022 compared to tax benefit of$31.2 million in fiscal 2021. The provision for fiscal 2022 included a benefit of$0.6 million primarily associated with the amortization of acquired intangible assets related toOlivia Burton and MVMT offset by$0.2 million provision related to a change in estimate related to corporate initiatives taken in response to the COVID-19 pandemic. The provision for fiscal 2021 included a$24.9 million benefit related to the impairment of goodwill and certain intangible assets, a$9.2 million benefit resulting from the available carryback of NOLs permitted under the CARES Act,$3.9 million of benefit related to corporate initiative charges related to the impact on the business from the COVID-19 pandemic including restructuring, and a$1.1 million benefit associated with the amortization of acquired intangible assets related toOlivia Burton and the amortization of acquired intangible assets and deferred compensation related to the MVMT acquisition, offset by a$0.5 million provision associated with a gain on the sale of a non-operating asset inSwitzerland . Based upon adjusted pre-tax income, the adjusted effective tax rate for fiscal 2022 was 21.1% as compared to the adjusted effective tax rate of 25.5% in fiscal 2021. -
Net income was
$91.6 million , or$3.87 per diluted share, for fiscal 2022 compared to net loss of$111.5 million , or$4.80 per diluted share, for fiscal 2021. Adjusted net income in fiscal 2022 was$93.4 million or$3.94 per diluted share, which excludes the fiscal 2022 net charges listed above after the associated tax effects, as described in the immediately preceding bullet. This compares to adjusted net income for fiscal 2021 of$21.4 million , or$0.92 per diluted share, which excludes the fiscal 2021 net charges listed above after the associated tax effects, as described in the immediately preceding bullet.
Fiscal 2023 Outlook
The Company expects fiscal 2023 net sales to be in a range of approximately
Quarterly Dividend and Share Repurchase Program
The Company announced today that the Board of Directors approved a 40% increase to the regular quarterly cash dividend to
During the fourth quarter of fiscal 2022, the Company repurchased approximately 138,200 shares under its share repurchase program. As of
Conference Call
The Company’s management will host a conference call and audio webcast to discuss its results today,
In this release, the Company presents certain financial measures that are not calculated according to generally accepted accounting principles in
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “expects,” “anticipates,” “believes,” “targets,” “goals,” “projects,” “intends,” “plans,” “seeks,” “estimates,” “may,” “will,” “should” and variations of such words and similar expressions. Similarly, statements in this press release that describe the Company's business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements and levels of future dividends to differ materially from those expressed in, or implied by, these statements. These risks and uncertainties may include, but are not limited to general economic and business conditions which may impact disposable income of consumers in
(Tables to follow)
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|||||||||||||||
2022 |
2021 |
2022 |
2021 |
|||||||||||||
Net sales |
$ |
205,975 |
|
$ |
178,330 |
|
$ |
732,393 |
|
$ |
506,397 |
|
||||
Cost of sales |
|
85,139 |
|
|
77,533 |
|
|
313,328 |
|
|
235,898 |
|
||||
Gross profit |
|
120,836 |
|
|
100,797 |
|
|
419,065 |
|
|
270,499 |
|
||||
Operating expenses |
|
82,637 |
|
|
74,912 |
|
|
301,574 |
|
|
256,707 |
|
||||
Impairment of goodwill and intangible assets |
|
- |
|
|
- |
|
|
- |
|
|
155,919 |
|
||||
Total operating expenses |
|
82,637 |
|
|
74,912 |
|
|
301,574 |
|
|
412,626 |
|
||||
Operating income/(loss) |
|
38,199 |
|
|
25,885 |
|
|
117,491 |
|
|
(142,127 |
) |
||||
Non-operating income/(expense): | ||||||||||||||||
Other income |
|
87 |
|
|
356 |
|
|
530 |
|
|
387 |
|
||||
Gain on sale of a non-operating asset |
|
- |
|
|
- |
|
|
- |
|
|
1,317 |
|
||||
Interest expense |
|
(106 |
) |
|
(490 |
) |
|
(688 |
) |
|
(1,959 |
) |
||||
Income/(loss) before income taxes |
|
38,180 |
|
|
25,751 |
|
|
117,333 |
|
|
(142,382 |
) |
||||
Provision/(benefit) for income taxes |
|
6,568 |
|
|
(4,823 |
) |
|
24,774 |
|
|
(31,188 |
) |
||||
Net income/(loss) |
|
31,612 |
|
|
30,574 |
|
|
92,559 |
|
|
(111,194 |
) |
||||
Less: Net income attributable to noncontrolling interests |
|
237 |
|
|
309 |
|
|
960 |
|
|
324 |
|
||||
Net income/(loss) attributable to |
$ |
31,375 |
|
$ |
30,265 |
|
$ |
91,599 |
|
$ |
(111,518 |
) |
||||
Diluted Income Per Share Information | ||||||||||||||||
Net income/(loss) attributable to |
$ |
1.33 |
|
$ |
1.29 |
|
$ |
3.87 |
|
$ |
(4.80 |
) |
||||
Weighted diluted average shares outstanding |
|
23,629 |
|
|
23,498 |
|
|
23,679 |
|
|
23,239 |
|
||||
|
|||||||||
GAAP AND NON-GAAP MEASURES |
|||||||||
(In thousands, except for percentage data) |
|||||||||
(Unaudited) |
|||||||||
As Reported |
|||||||||
Three Months Ended |
|||||||||
|
% Change |
||||||||
2022 |
2021 |
||||||||
Total net sales, as reported |
$ |
205,975 |
$ |
178,330 |
15.5 |
% |
|||
Total net sales, constant dollar basis |
$ |
208,926 |
$ |
178,330 |
17.2 |
% |
|||
As Reported |
|||||||||
Twelve Months Ended |
|||||||||
|
% Change |
||||||||
2022 |
2021 |
||||||||
Total net sales, as reported |
$ |
732,393 |
$ |
506,397 |
44.6 |
% |
|||
Total net sales, constant dollar basis |
$ |
723,225 |
$ |
506,397 |
42.8 |
% |
|||
|
|||||||||||||||||||||||||||
GAAP AND NON-GAAP MEASURES |
|||||||||||||||||||||||||||
(In thousands, except per share data) |
|||||||||||||||||||||||||||
(Unaudited) |
|||||||||||||||||||||||||||
|
Gross Profit |
Operating Income/(Loss) |
Pre-tax Income/(Loss) |
Provision/(Benefit) for Income Taxes |
Net Income/(Loss) Attributable to
|
Diluted EPS |
|||||||||||||||||||||
Three Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
205,975 |
$ |
120,836 |
|
$ |
38,199 |
|
$ |
38,180 |
|
$ |
6,568 |
|
$ |
31,375 |
|
$ |
1.33 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
|
699 |
|
|
699 |
|
|
133 |
|
|
566 |
|
|
0.03 |
|
|||||||
MVMT Costs (2) |
|
- |
|
- |
|
|
89 |
|
|
89 |
|
|
22 |
|
|
67 |
|
|
0.00 |
|
|||||||
Corporate Initiatives (3) |
|
- |
|
- |
|
|
(1,064 |
) |
|
(1,064 |
) |
|
(231 |
) |
|
(833 |
) |
|
(0.04 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
205,975 |
$ |
120,836 |
|
$ |
37,923 |
|
$ |
37,904 |
|
$ |
6,492 |
|
$ |
31,175 |
|
$ |
1.32 |
|
|||||||
Three Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
178,330 |
$ |
100,797 |
|
$ |
25,885 |
|
$ |
25,751 |
|
$ |
(4,823 |
) |
$ |
30,265 |
|
$ |
1.29 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
|
699 |
|
|
699 |
|
|
133 |
|
|
566 |
|
|
0.02 |
|
|||||||
MVMT Costs (2) |
|
- |
|
- |
|
|
35 |
|
|
35 |
|
|
13 |
|
|
22 |
|
|
0.00 |
|
|||||||
Corporate Initiatives (3) |
|
- |
|
(2,816 |
) |
|
(2,760 |
) |
|
(2,760 |
) |
|
(851 |
) |
|
(1,909 |
) |
|
(0.08 |
) |
|||||||
CARES ACT (4) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
9,235 |
|
|
(9,235 |
) |
|
(0.39 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
178,330 |
$ |
97,981 |
|
$ |
23,859 |
|
$ |
23,725 |
|
$ |
3,707 |
|
$ |
19,709 |
|
$ |
0.84 |
|
|||||||
|
Gross Profit |
Operating Income/(Loss) |
Pre-tax Income/(Loss) |
Provision/(Benefit) for Income Taxes |
Net Income/(Loss) Attributable to
|
Diluted EPS |
|||||||||||||||||||||
Twelve Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
732,393 |
$ |
419,065 |
|
$ |
117,491 |
|
$ |
117,333 |
|
$ |
24,774 |
|
$ |
91,599 |
|
$ |
3.87 |
|
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
|
2,860 |
|
|
2,860 |
|
|
544 |
|
|
2,316 |
|
|
0.10 |
|
|||||||
MVMT Costs (2) |
|
- |
|
- |
|
|
424 |
|
|
424 |
|
|
106 |
|
|
318 |
|
|
0.01 |
|
|||||||
Corporate Initiatives (3) |
|
- |
|
- |
|
|
(1,064 |
) |
|
(1,064 |
) |
|
(231 |
) |
|
(833 |
) |
|
(0.04 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
732,393 |
$ |
419,065 |
|
$ |
119,711 |
|
$ |
119,553 |
|
$ |
25,193 |
|
$ |
93,400 |
|
$ |
3.94 |
|
|||||||
Twelve Months Ended |
|||||||||||||||||||||||||||
As Reported (GAAP) |
$ |
506,397 |
$ |
270,499 |
|
$ |
(142,127 |
) |
$ |
(142,382 |
) |
$ |
(31,188 |
) |
$ |
(111,518 |
) |
$ |
(4.80 |
) |
|||||||
Olivia Burton Costs (1) |
|
- |
|
- |
|
|
2,732 |
|
|
2,732 |
|
|
519 |
|
|
2,213 |
|
|
0.10 |
|
|||||||
MVMT Costs (2) |
|
- |
|
- |
|
|
1,571 |
|
|
1,571 |
|
|
597 |
|
|
974 |
|
|
0.04 |
|
|||||||
Corporate Initiatives (5) |
|
- |
|
735 |
|
|
12,629 |
|
|
12,629 |
|
|
3,884 |
|
|
8,745 |
|
|
0.38 |
|
|||||||
|
- |
|
- |
|
|
155,919 |
|
|
155,919 |
|
|
24,867 |
|
|
131,052 |
|
|
5.64 |
|
||||||||
Gain On Sale of a Non-Operating Asset (7) |
|
- |
|
- |
|
|
- |
|
|
(1,317 |
) |
|
(474 |
) |
|
(843 |
) |
|
(0.04 |
) |
|||||||
CARES ACT (4) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
9,235 |
|
|
(9,235 |
) |
|
(0.40 |
) |
|||||||
Adjusted Results (Non-GAAP) |
$ |
506,397 |
$ |
271,234 |
|
$ |
30,724 |
|
$ |
29,152 |
|
$ |
7,440 |
|
$ |
21,388 |
|
$ |
0.92 |
|
(1) |
Related to the amortization of acquired intangible assets for |
||||
(2) |
Related to the amortization of acquired intangible assets and the MVMT brand's deferred compensation, where applicable. |
||||
(3) |
Related to a change in estimate related to corporate initiative charges recorded primarily in response to the COVID-19 pandemic. |
||||
(4) |
Incremental benefit resulting from the available carryback of NOL's permitted under the CARES ACT. |
||||
(5) |
Related to provision due to the impact to the business of the COVID-19 pandemic, including restructuring plan. |
||||
(6) |
Related to the impairment of goodwill and impairment of certain of MVMT's intangible assets. |
||||
(7) |
Related to a gain on sale of a non-operating asset in |
||||
|
||||||
CONSOLIDATED BALANCE SHEETS |
||||||
(In thousands) |
||||||
(Unaudited) |
||||||
|
|
|||||
2022 |
2021 |
|||||
ASSETS | ||||||
Cash and cash equivalents |
$ |
277,128 |
$ |
223,811 |
||
Trade receivables, net |
|
91,558 |
|
76,931 |
||
Inventories |
|
160,283 |
|
152,580 |
||
Other current assets |
|
16,974 |
|
23,479 |
||
Income taxes receivable |
|
7,941 |
|
24,850 |
||
Total current assets |
|
553,884 |
|
501,651 |
||
Property, plant and equipment, net |
|
19,470 |
|
22,349 |
||
Operating lease right-of-use assets |
|
68,599 |
|
76,070 |
||
Deferred and non-current income taxes |
|
42,596 |
|
42,507 |
||
Other intangibles, net |
|
13,507 |
|
17,081 |
||
Other non-current assets |
|
63,104 |
|
59,599 |
||
Total assets |
$ |
761,160 |
$ |
719,257 |
||
LIABILITIES AND EQUITY | ||||||
Accounts payable |
$ |
46,011 |
$ |
28,187 |
||
Accrued liabilities |
|
48,522 |
|
51,124 |
||
Accrued payroll and benefits |
|
25,117 |
|
18,047 |
||
Current operating lease liabilities |
|
13,693 |
|
15,861 |
||
Income taxes payable |
|
18,123 |
|
14,452 |
||
Total current liabilities |
|
151,466 |
|
127,671 |
||
Loans payable to bank, non current |
|
- |
|
21,230 |
||
Deferred and non-current income taxes payable |
|
19,614 |
|
21,895 |
||
Non-current operating lease liabilities |
|
62,730 |
|
68,412 |
||
Other non-current liabilities |
|
50,264 |
|
50,115 |
||
Redeemable noncontrolling interest |
|
2,311 |
|
2,600 |
||
Shareholders' equity |
|
472,808 |
|
425,264 |
||
Noncontrolling interest |
|
1,967 |
|
2,070 |
||
Total equity |
|
474,775 |
|
427,334 |
||
Total liabilities, redeemable noncontrolling interest and equity |
$ |
761,160 |
$ |
719,257 |
||
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) |
||||||||
(Unaudited) |
||||||||
Twelve Months Ended |
||||||||
|
||||||||
2022 |
2021 |
|||||||
Cash flows from operating activities: | ||||||||
Net income/(loss) |
$ |
92,559 |
|
$ |
(111,194 |
) |
||
Impairment of goodwill and intangible assets |
|
- |
|
|
155,919 |
|
||
Non-cash corporate initiatives |
|
(926 |
) |
|
3,722 |
|
||
Depreciation and amortization |
|
12,463 |
|
|
14,112 |
|
||
Other non-cash adjustments |
|
9,292 |
|
|
(11,444 |
) |
||
Changes in working capital |
|
13,487 |
|
|
15,399 |
|
||
Changes in non-current assets and liabilities |
|
3,939 |
|
|
1,896 |
|
||
Net cash provided by operating activities |
|
130,814 |
|
|
68,410 |
|
||
Cash flows from investing activities: | ||||||||
Capital expenditures |
|
(5,656 |
) |
|
(3,018 |
) |
||
Long-term investments |
|
(1,967 |
) |
|
- |
|
||
Proceeds from sale of a non-operating asset |
|
- |
|
|
1,317 |
|
||
Trademarks and other intangibles |
|
(291 |
) |
|
(164 |
) |
||
Net cash used in investing activities |
|
(7,914 |
) |
|
(1,865 |
) |
||
Cash flows from financing activities: | ||||||||
Repayment of bank borrowings |
|
(21,140 |
) |
|
(64,465 |
) |
||
Proceeds from bank borrowings |
|
- |
|
|
30,879 |
|
||
Stock repurchase |
|
(22,599 |
) |
|
- |
|
||
Dividends paid |
|
(21,973 |
) |
|
- |
|
||
Distribution of noncontrolling interest earnings |
|
(1,230 |
) |
|
- |
|
||
Stock awards and options exercised and other changes |
|
324 |
|
|
(497 |
) |
||
Contributions from noncontrolling interest |
|
298 |
|
|
- |
|
||
Debt issuance costs |
|
(294 |
) |
|
(300 |
) |
||
Net cash used in financing activities |
|
(66,614 |
) |
|
(34,383 |
) |
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
(2,993 |
) |
|
5,823 |
|
||
Net change in cash, cash equivalents, and restricted cash |
|
53,293 |
|
|
37,985 |
|
||
Cash, cash equivalents, and restricted cash at beginning of period |
|
224,423 |
|
|
186,438 |
|
||
Cash, cash equivalents, and restricted cash at end of period |
$ |
277,716 |
|
$ |
224,423 |
|
||
Non-cash financing activities: | ||||||||
Dividends declared but not paid |
|
- |
|
|
2,320 |
|
||
Reconciliation of cash, cash equivalents, and restricted cash: | ||||||||
Cash and cash equivalents |
$ |
277,128 |
|
$ |
223,811 |
|
||
Restricted cash included in other non-current assets |
|
588 |
|
|
612 |
|
||
Cash, cash equivalents, and restricted cash |
$ |
277,716 |
|
$ |
224,423 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220324005288/en/
203-682-8200
Source: